Moody’s rates VM Holding notes Ba2

Moody's Investors Service said it assigned a Ba2 foreign currency rating to the proposed senior unsecured notes to be issued by VM Holding SA and fully guaranteed by Votorantim Metais Zinco SA, Votorantim Metais - Cajamarquilla SA and Compania Minera Milpo SAA.

The outlook is stable.

Proceeds will be used for liability management and general corporate purposes.

Moody’s said the Ba2 corporate family rating reflects VM Holding's strong presence in zinc's global markets (fourth largest concentrate producer and fifth largest in smelting production) and its competitive cost profile.

The integration of mining operations with smelters, both in Brazil and Peru, has translated into steady EBITDA margins over the last few years and is an additional credit positive, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.